On the SPX weekly and daily chart, we can see that the instrument is reaching a strong long-term uptrend resistance 2300-2350 zone. This zone is critical for the extreme downside extension or a reversal bounce into 2500Â level. 2340 is also the 138.2 Fibonacci extension level.
Note: Look at the price action here for counter trend long trade entries or short trade entries for continuation downside.
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